Shanghai Securities Building held the listing ceremony of the first batch of enterprises under the registration-based IPO, Shanghai, April 10, 2023. /CFP
The first batch of registration-based initial public offerings (IPOs) of 10 enterprises was adopted on Monday on the main boards of the Shanghai and Shenzhen stock exchanges, a landmark of the country's capital market reform.
The move signifies that China has applied the registration-based IPO system across the board, providing solid institutional support for accelerating the building of a standardized, transparent, open, dynamic and resilient capital market.
The registration-based IPO reform, initiated in 2018, was first adopted by the science and technology innovation board in 2019, and was broadened to the start-up board ChiNext in 2020 and the Beijing Stock Exchange in 2021.
The registration-based IPO reform is to hand over the decision-making authority to the market, strengthen its constraints, and improve the convenience of investment and financing, said China Securities Regulatory Commission chairman Yi Huiman during the listing ceremony on Monday morning.
Under the new IPO system, regulators will streamline the process of listing companies and focus on disclosing their documentations rather than judging the value of their investments. They will publish the criteria and procedures of the audit, making the audit process more transparent.
The registration-based IPO reform captures the reconstruction of fundamental supervision logic which will create far-reaching influence, said Yi.
Here's a short look at the 10 listed companies:
(Xinhua with edits)